According to the US Commerce Department, as of this year, data that's been released on the massive decline of home sales across the country hasn't changed much. We've seen a tidal wave of foreclosures and job losses and, while overall market figures have shown that sales have continually dropped, it hasn't been the case everywhere in the country. As economists still and impatiently wait for the housing market to finally level out, the market in Texas seems to be faring much better.
During this downturn, it's been hard to see many bright spots but not every state is created equal, as it would seem. Many areas in Texas have actually seen growth in housing and development lately. If you look back at all the data, according to Texas' Comptroller Susan Combs, sales and construction activity in the state has, as of 2010 until today, seen promising boosts in sales. This figure is based on many factors and the state has seen about 24 percent more multifamily builder permits issued with only a minimal decline in single-family housing of four percent. Included in this figure, single-family home sales are two percent higher than that of January 2010.
These hopeful signs have shown that Texas' economy has weathered this national real estate bubble bust without substantial losses to property values. The median price for an existing single-family home has increased by 3.3% statewide. Even when it was at its worst, there was only one foreclosure for almost every 840 solid mortgages. Other states, such as Arizona, California, and Utah, fared for worse and didn't even see half that figure.
There are a lot of people offering cash for houses Fort Worth, and other areas, and the market is expected to outpace that of the rest of the nation. Texas is considered one of the top 20 healthiest housing markets for this year alone and cities across the state have dominated this list, according to Builder magazine. The best cities were Austin, Dallas, El Paso, and San Antonio. This is unfortunate news for others but hopefully Texas is just an indicator of better times to come and that the worst is finally over.